Welcome to FY2024! The last 12 months has been a tough year for many business sectors and current key economic indicators are painting a bleak outlook for the year ahead. With diverse client bases, service providers such as accounting and legal firms are largely resilient however they need to be more conscious of providing services to clients who will not be able to pay.
If your accounting or legal firm is heading into FY2024 with a rapidly ageing debtor ledger, now is the time to be investing in great Aussie tech (FeeSynergy) and payment solutions (FeeSynergy) that will help you regain control and position you for strong cash flow throughout FY 2024 … and beyond. We know from extensive client data over many years that once a debt finds its way into the 90+ aged debt “bucket” (which we refer to as the red zone), it could be sitting there for 12 months or longer. Our benchmark for average age of 90+ aged debt should be no more than 200 days. The older the debt, the harder it is to collect!
Do you know how to quickly calculate your average debtor days? Follow the example below and see how your firm stacks up against a typical FeeSynergy Collect user firm.
In the Example above; what this means is that 23% of the firm’s turnover is tied up in debtors at all times!
Click here to download the Average Debtor Day Calculator
Just imagine never having to worry about your firm’s cashflow ever again; always cash in the bank to pay wages, super, BAS, rent, tech upgrades etc.
How is this possible?
By implementing FeeSynergy’s automated debtor management and payment solutions platform (called FeeSynergy Collect) your average debtor days should consistently be less than 30 days. 30 days is the actual best practice benchmark for the hundreds of leading accounting firms who utilise the FeeSynergy Collect platform.
For many accounting firms, the thought of adding another app into the firm’s tech stack can be daunting. FeeSynergy Collect however is “not just another app”, it is a platform that brings together a range of integrated solutions to problems common to most accounting (and legal) firms.
FeeSynergy Collect will positively impact the firm’s financial performance well beyond cashflow. And when it comes to implementation, our experienced implementation team will manage the project from start to finish to ensure that your team is fully trained and ready to capitalise on the new automated processes and a range of payment solutions that will keep the cash flowing irrespective of the time of year.
Our proven and highly secure platform is used by hundreds of leading accounting firms across Australia and New Zealand.
See the FeeSynergy Collect features below:
- Fully integrated with leading practice management systems including Access APS, CCH iFirm, GreatSoft, MYOB AE/AO/Advance, Xero, Lexis Nexis Affinity, FilePro
- Rich dashboard with plenty of data widgets to choose from
- Automated reminders for overdue invoices (customised)
- Online payment gateway – credit cards and debit cards (incl AMEX) PCI/DSS and ACCC compliant
- Fee finance with option for client self-service (monthly instalments with lowest rates in industry)
- Direct debits – one-time and recurring (industry lowest fees)
- Engagement letters and proposals (APES & TPB compliance made easy)
- Risk management and business advisory tool (including Equifax credit scores)
- Digital signatures – multiple signature capability ($free)
- Identity Verification – using world class biometric technology
Implementing our solutions is easy … we pretty much do all the work … so book a free demo today and see the difference FeeSynergy Collect can make for you.